Hamilton Beach Brands Holding Q3 consolidated revenues $196.9 million

Staff Writer | October 31, 2018

Hamilton Beach Brands Holding Company announced consolidated revenues of $196.9 million and consolidated net income of $8.0 million, or $0.59 per diluted share, for the third quarter of 2018 compared with consolidated revenues of $181.7 million and consolidated net income of $4.3 million, or $0.31 per diluted share, for the third quarter of 2017.

Consolidated operating profit was $11.0 million for the third quarter of 2018 compared with $7.4 million in the third quarter of 2017.

For the nine months ended September, 30, 2018, the Company reported consolidated revenues of $501.5 million and consolidated net income of $6.8 million, or $0.49 per diluted share, compared with consolidated revenues of $475.0 million and consolidated net income of $4.1 million, or $0.30 per diluted share, for the first nine months of 2017.

The Company's consolidated effective income tax rate was 20.2% for the nine months ended September 30, 2018 compared with 39.1% for the first nine months of 2017.

The decrease was primarily due to a reduction in the U.S. federal corporate tax rate and the absence of non-deductible spin-off related expenses incurred in the prior year period.

The Company had consolidated cash on hand of $2.1 million as of September 30, 2018 compared with $10.9 million as of December 31, 2017 and $3.1 million as of September 30, 2017.

Consolidated debt at September 30, 2018 was $99.9 million compared with $51.3 million at December 31, 2017 and $80.5 million at September 30, 2017. Consolidated debt increased over 2017 primarily as a result of higher inventory levels at Hamilton Beach to support sales growth forecasts in the second half of 2018. ■